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Section Treasurer Responsibilities


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Title: Section Treasurer Responsibilities

Section Treasurer Responsibilities
  • IEEE Region 4 Meeting
  • Jan 31 Feb 1, 2004
  • Presenter Bob Dawson, R4 Treasurer

IEEE Overview (1)
  • IEEE is responsible for maintaining records for
    all Units Worldwide
  • Treasurers contribute significantly by
    maintaining appropriate records locally and by
    filing timely annual reports
  • Compliance with IEEE Policies is important to
    maintaining the IEEE nonprofit tax-exempt status

IEEE Overview (2)
  • Delays in submitting the annual report will delay
    receipt of the section rebate/allocation
  • Sections of IEEE are not independent
    organizations but integral parts of IEEE
  • Subsections, Chapters and Affinity Groups are
    sub-units of Sections
  • Sub-units must provide the Section Treasurer with
    their annual report for consolidation into the
    Sections Annual Report. (Alternatively the
    Section Treasurer may provide separate and
    complete financial reports for each sub-unit)

IEEE Revenue
2002 Revenue 200.6 millionEntire IEEE
IEEE Expenditures
2002 Expenditures 208.6 million
Term of Office
  • Defined in the Section Bylaws
  • Begins on January 1 and ends on December 31 each
  • The Section Treasurer must file the L-50 Annual
    Report for his/her term of office by the filing
    deadline in February of the following year
  • The Treasurer retains his office until the
    successor Treasurer is elected and takes office

Typical Duties (1)
  • Become familiar with IEEE accounting procedures
  • Collect financial records from outgoing treasurer
  • Prepare annual budget
  • Enter all receipts disbursements in an account
    book and/or computer record (Quicken/Quick
  • Deposit money received in the name of the Section
    in a depository determined by the Section
    Executive Committee

Typical Duties (2)
  • Prepare a monthly bank account reconciliation
  • Make disbursements in accordance with approved
    budget and IEEE reimbursement guidelines
  • Attend all meetings of Unit Executive Committee
  • Prepare forward to IEEE by the end of the third
    week in February, a Financial Statement of
    Operations (L50) as of 31 December of the
    preceding year

Annual Financial Report (L-50)
  • Timely and accurate preparation of the L-50
    report is an important responsibility
  • A unit officer (other than Treasurer) must review
    the financial report
  • Treasurer Chair must sign the certification
    page agreeing that they believe to the best of
    their knowledge the report to be true, correct
  • Annual L50 financial report should include
  • Reporting of all Section activities

Bank Accounts
  • The legal name of the IEEE is the "Institute of
    Electrical and Electronics Engineers,
  • Must never be in an individual's name
  • To the maximum extent possible IEEE Geographical
    units are encouraged to participate in the IEEE
    Concentration Banking Program
  • Local depository accounts are permissible
  • Bank Account Signatures (

Funding Sources
  • Section Rebate
  • Contributions to/from Sections
  • PACE Projects
  • (http//
  • SSVR (Section Support Via Regions)

Financial Responsibilities
  • Unit Reserves
  • Conflict of Interest
  • Employer Identification Number
  • EIN 13-1656633
  • Exemption from Federal Income Tax

  • Region 4 Treasurer Bob Dawson
  • Section Rebate Schedule
  • (
  • Treasurer Training
  • (
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